Is the Bitcoin Revolution Relevant to Your Life and Travels?

You have probably heard or read a lot about Bitcoin lately. This cryptocurrency has become a hugely talked about subject thanks to its meteoric rise in value that has seen some of its investors become millionaires. Yet, you may wonder whether Bitcoin is relevant to your life in any way? Is this something that you should be thinking about buying and using, or is it just for those looking for a digital form of gold to invest in?

You might be surprised to hear that Bitcoin can be used to pay for all manner of goods and services today. As of 2017, CNBC reported that more than 100,000 merchants worldwide accept Bitcoin. Some of the world’s biggest brands accept payment in the original cryptocurrency. For instance, Microsoft accounts now accept Bitcoins to pay for Windows and Xbox services.

Pay for products, services and games online

The first point to make here is that Bitcoin is a currency, albeit a digital one. This is easy to forget since we often hear far more about its potential as an investment asset rather than its usefulness as a legitimate payment method. Yet, it is now easier than ever before to pay with Bitcoin online, and in high street stores too. Forbes said the blockchain now processes $2 billion worth of Bitcoin transactions daily at the moment. That was a tenfold year-on-year increase on the value of Bitcoin transactions in 2016.

Bitcoin payment options are becoming increasingly commonplace when you buy goods or services online – or even seek entertainment. If you are an avid shopper on your travels, you can use Bitcoin to acquire video games, scour the web to book the cheapest hotel room or pay for jewellery. To demonstrate its position as a futuristic brand, Virgin Galactic accepts Bitcoin for its much-vaunted space flights. Bitcoin can also be used in the world of online casino games such as slots and table staples like roulette. Betway Casino says the security and encryption of Bitcoin transactions is what appeals most to the iGaming industry, as well as the reduced or non-existent fees associated with sending and receiving BTC.

Make travelling easier and more enjoyable

If you enjoy travelling the world then cryptocurrencies such as Bitcoin are definitely worth looking into. After all, the idea of cryptocurrency is that you can use these digital assets to send payments cross-border to anyone on the planet with a minimum of fuss.

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Of course, how easily you can spend your virtual coins depends on which countries you visit. Places like Japan, South Korea, Germany and Finland are among the countries where you can most easily spend your Bitcoins in store on a range of goods and services. In fact, the continent of Asia has largely embraced the concept of cryptocurrencies as a whole. The opportunity to buy and spend Bitcoins abroad is growing all the time, not only because more merchants are accepting it but due to the influx of Bitcoin ATMs around the world. Statista reveals there are 3,930 Bitcoin ATMs in operation globally as of November 2018. That’s almost eight times the amount of Bitcoin ATMs installed worldwide as of January 2016. Owning Bitcoins can prevent you from worrying about carrying local fiat currency, wherever you are in the world. It also means that you get the pleasure of paying in a new and interesting way and avoid some transaction fees.

Feel part of something new-age and exciting

How will you feel when you first set up your Bitcoin wallet and add some coins to it? TechRadar recently listed the best Bitcoin wallets for Android users to help keep your cryptocurrency portable on your travels; Electrum, Coinomi and MyCelium were chosen, to name but a few. Equally, there are just as many Bitcoin wallets that are tailormade for iOS devices. Choosing your first Bitcoin wallet and storing your first coins is sure to be a thrilling moment, knowing that you have finally joined the cryptocurrency revolution.

Once you have some Bitcoins in your crypto wallet, you have total flexibility about how and when you use them. Using cryptocurrencies is not yet essential for contemporary living – nor may it ever be. However, if you want to add an extra dimension to your traditional financial investments, or you like the portability and security of cryptocurrencies, Bitcoin is the ideal place to get started.

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About Wade Shepard

I’m an itinerant writer who has been traveling the world since 1999, through 89 countries. I wrote Ghost Cities of China, a book which chronicles the two years that I spent in China’s new cities, and have another book about the New Silk Road coming out soon. I’m a regular contributor to Forbes, The Guardian, and the South China Morning Post, and I have been featured on BBC World, VICE, NPR Morning Edition, CNBC Squawk Box, CBC The Current … This is my personal blog where I share stories from the road that don’t fit in anywhere else. In other words, this is my daily diary, raw and real — it is not edited or even proofread. Subscribe below.